HSBC says clients must have plan to exit coal by end-2023

LONDON: HSBC, Europe's leading banker to corporate Asia, laid out its long-awaited policy on financing thermal coal on Tuesday, and said it expected all its clients to have a plan in place to exit fossil fuels by the end of 2023.

Coal is contentious for governments across Asia as they look to move away from the cheap and widely used, but carbon-intensive energy source to help meet a global commitment to cut emissions in the fight against climate change.